Share Name Share Symbol Market Type Share ISIN Share Description
Invesco Bond Income Plus Limited LSE:BIPS London Ordinary Share JE00B6RMDP68 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  4.00 2.22% 184.00 260,687 16:35:15
Bid Price Offer Price High Price Low Price Open Price
179.50 183.50 180.00 179.00 179.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 11.92 10.44 10.27 17.9 187
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:15 UT 5 184.00 GBX

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Date Time Title Posts
06/12/202114:25Invesco Bond Income Plus101

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Invesco Bond Income Plus (BIPS) Most Recent Trades

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Invesco Bond Income Plus Daily Update: Invesco Bond Income Plus Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker BIPS. The last closing price for Invesco Bond Income Plus was 180p.
Invesco Bond Income Plus Limited has a 4 week average price of 176p and a 12 week average price of 176p.
The 1 year high share price is 203p while the 1 year low share price is currently 174p.
There are currently 101,641,204 shares in issue and the average daily traded volume is 175,663 shares. The market capitalisation of Invesco Bond Income Plus Limited is £187,019,815.36.
flyer61: Good question! sold out at the end of September at 194p. Don't expect interest rates to rise fast and also expect inflation to subdue in due course when many of the supply and demand imbalances have worked their way through. Have only started reacquiring in BIPS as they may yet go lower but it has always worked out well for me historically. Live off the income from my portfolio.
cc2014: I'm waiting. Historically 5% discount on IPE, which is how I came into BIPS is not large. I feel very nervous about the market at the moment. It's just too high. Inflation data is making a fool of the central banks. Also Biden is taking forever to do Powell's replacement. Which is kind of nagging at me. I might change my mind in an instant. Current price is not unattractive. I'd rather be buying after a couple of decent down days...
cc2014: Not an easy question Hindsight In the short term the next BIPS dividend is coming up and I expect the stock to run up until at least then in the usual manner. Last year it went XD on 01/10 although something in the middle of the month seems to fit the quarterly pattern better. The dividend has not yet been declared. So, if I were looking to switch to HDIV I think you can probably get a few more pennies out of BIPS yet.
cc2014: BIPS seems to be in vogue these last few days. I get the impression someone is trying to collect stock "cheaply" as for days it's been possible to get a price for decent volume inside the bid. I am debating what to do. On the one hand I'm not minded to let any of my stock go whilst I believe there's a significant buyer out there. On the other we are at multi-year resistance highs which may provide a ceiling. on the other hand, which is my third hand so the imagination boggles, if the share price can get through resistance history shows it then tends to accelerate upwards fast. I suppose if I stretch my thinking it could be something to do with a proposed Invesco/State Street merger which might cut fund costs and perhaps do something about Invesco's shoddy performance on some of it's equity funds. merger talks
marktime1231: It is interesting, and may not be too late but as you say the investments with some indexing are lower yield or more expensive to buy in to. Sticking with BIPS and SMIF but bailed on NCYF. My newer asset-backed investments have been in renewables GRID/UKW on the basis that energy demand and asset development will improve income and value, and most recently in commercial property EPIC where values and rents are improving but the share price is still discounted while we try and judge the risk of whether retail parks have future. I do think we are in for an inflationary cycle including wages, but I think rate rises will be slow and measured while central banks seek to minimise the cost of interest on govt borrowing. Net mortgage balances for financially secure households have been reduced by covid removing the opportunity to fritter away our disposable incomes, default risk for those with extra equity is ultra-low, it is the new buyers on stretched income multiples who might get caught by rates rising. As you say the discount on TFIF has closed, but what is stopping me considering it further is that I cannot judge the quality of the underlying assets, which include residential mortgages, or which/whether holdings would benefit from rate rises. I don't mind a bit of risk but I do want to know what I am getting into.
cc2014: Those are some really good questions and observations. I'm struggling with any answers. Here are some thoughts. I was convinced 6 months ago there was going to be a long term inflationary cycle, but now I'm not convinced. Sure it might go on another year but I see taxation rises starting to eat into disposable income. Also, the inefficiencies due to Covid will start to get resolved. If there was a time to buy inflationary linked stuff, it was 6 months ago. I don't know if now is too late or there's still far more to run in the inflationary trade. A quick look at the chart on TFIF shows you could have bought around 106p. And that's the problem. The volatility or capital movement is outweighing the underlying return. One could argue for buying many of the property REITs. There are still discounts to NAV, but I have the feeling that market is going to be under pressure with rent renewals. One could argue for residential ABS but I think once the stamp duty holiday disappears prices are at very best going to be static. And some of these funds including TFIF hold this sort of stuff. They are much more heavily geared than BIPS or HDIV or NCYF or SMIF and any increase in non-payment of mortgates is going to hurt them. Having said that if you trawl through all these, they are probably some bargains left. The question is whether in any downturn the market will sift out the good stocks or whehter they will all fall regardless. It's hard to say. I'm sticking with BIPS but having said that if I can sell for NAV I'll start scaling out. I don't actually have an alternative home for my money if that happens and I'll have to wait for something to come along. Given NCYF and SMIF are trading at decent premiums I might be prepared to stick with BIPS until we reach a premium of a couple of percent. If something came along which looked "cheap" I might change my mind on a dime.
cc2014: Based on the timing of 33.7k the trade at 9:03 at a price of 185.42 it's likely to be a buy as it was about a penny above the prevailing offer at the time and it's hard to see it as a sell as the share price hasn't been high enough. I'm feeling comfortable now. What we do know is that if the price drops a couple of pence from here there is plenty of buying support. How many sellers are out there and at what price is a guessing game, although I'm minded to believe there is still a seller going at 185p although he's in no hurry and happy to let the volume come to him
cc2014: In the last hour a decent sized delayed sell has gone through on HDIV timed 15:27 yesterday afternoon, which kind of fits with when the volume started going mad on BIPS. I'm assuming it must have been some form of protected transaction on HDIV as it looks like as soon as the trade was published the price pressure has come off HDIV. They got a decent enough price on HDIV considering the size. I suspect on BIPS it may be the same seller. Perhaps the one who also got as low as was it 180p the other day and this time they have learnt their lesson and are dripping them into the market more slowly. All a bit annoying but without the seller I couldn't have bought at the price I did!
cc2014: We've got to midmorning and I wonder if it is safe to say that the seller that was in such a rush yesterday has finished. Certainly there's no evidence of him today. Well, no evidence except the share price isn't rising against a flow of buyers. Or perphaps we have one seller happy to wait for the buys to come to him rather than 2 competing against each other. Or maybe it's just the MM balancing their book after the sell volume late in the day yesterday. It's hard to tell, everything gets frigged about with so much these days. So much I've moved more to a strategy of "if it's cheap buy it" and not try and figure out the trades so much. Ha - and just as I write someone sells 9k at 185p. That's perhaps a good sign though. That's the first time since yesterday you could sell that sort of volume without getting a price below the bid
marktime1231: I expect the discount will close over a cycle in the run to the next dividend are we expecting 2.75p ex-div mid July? The underlying NAV probably doesn't have much further to recover, but the predecessor to BIPS had a tradition of operating on a slight premium. Logically we should return to that premium since management costs have been cut, assets bumped up by the merger with IPE, and the dividend increased 10%. A slight premium will give management the opportunity to eke out a little NAV growth by issuing new shares from time to time. What I can't figure is whether appetite for bond / debt income with a good steady yield is likely to increase or decrease against a backdrop of returning inflation, the prospect of higher interest rates, a rotation out of heavily indebted risky growth equities into more solidly progressive investments. There are no clear arguments for where to be invested in the next couple of years, except a general consensus in favour of real asset-backed securities which can hope to increase prices / yields in line with inflation. Does that include BIPS, are bonds real assets, can the portfolio replenish maturing loans with even higher yielding ones ... my memory is not long enough to know how BIPS might behave through a possible inflationary cycle, but if building societies start issuing fixed-rate retail ISA bonds offering 7%+ interest again we will all be moving on unless BIPS comes up with its own improvements. Personally I see real asset-backed securities to be things like investments in wind farms and energy storage schemes, stuff which generates (ha ha) rising revenues because we can't do without electricity and if prices have to rise because costs are up or supply is short then so be it. Other people argue in favour of consumer defensives like household products, groceries, tobacco, when things like loo roll or tea bags are in short supply or increasingly expensive we just have to stump up. But bonds (baskets of corporate debt) where do we stand on bonds?
Invesco Bond Income Plus share price data is direct from the London Stock Exchange
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